The Minnesota Home Ownership Center publishes a regular newsletter on foreclosure prevention and I wanted to share the latest version with you:
June 24, 2008
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Legislative Update on Foreclosures |
Workshops for Homeowners Free, confidential foreclosure informationThe Minnesota Home Ownership Center continues to offer free workshops for homeowners who are worried about making upcoming mortgage payments, are already facing foreclosure or for anyone interested in learning more about foreclosure. These are open-house events. Participants are encouraged to come any time that is convenient during the workshop hours. The workshop will provide information on what happens during foreclosures, homeowners’ rights, and solutions for long-term housing needs. Participants will be able to ask questions and get free advice – confidentially – from mortgage lending and foreclosure specialists. No RSVP is needed. For more information call the Minnesota Home Ownership Center at (651) 659-9336.
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Workshops for Professionals Information and Referral Workshops The Minnesota Home Ownership Center is offering a series of free training workshops to provide information on how to help distressed homeowners. The trainings will provide an overview of the foreclosure process, where to refer homeowners and how to prepare them to talk with a housing counselor or loan servicer. The training is specifically designed for staff from public, private, and non-profit organizations that come in contact with distressed homeowners – but who do not normally work with mortgage foreclosure as part of their job. Upcoming training workshops: |
John Tancabel says
Unfortunately it is already too late for most “distressed homeowners” to learn of “available help before it is too late.” Help in the form of counseling is much too late. The government regulators are supposed to act as policemen protecting consumers from predatory lenders. Our regulators failed. In this instance, government regulators are acting as undertakers, showing up when the bodies are all room temperature. I have met with all too many married couples – often both on anti-depressants. The government should not have allowed these hyper-complex loans to be peddled. If Merill Lynch and Morgan Stanley could not assess the risk associated with ARM loans (as evidenced by the billions in losses they have sustained), how could an the busdrivers, clerks and teachers on main street be expected to weigh the risk? What are the great benefits of counseling? Inform them of the exact date they will be evicted. Tell them to purchase several rolling suitcases from Target.
Tell them the truth: You were screwed. Our government failed to reign in the greed of lenders, and Wall Street because they were both making huge campaign contributions. The excesses went on too long. If your loan is in a CDO, the likelihood of working out a modificiation agreement is very small. The government will bail out lenders — and thereby protect lenders (who pretend to worship at the altar of the free market) from the consequences (losses) of their bad decisions. They people – however – will continue to twist in the wind. It is all very sad. Many wonderful innocent people were harmed. This “self inflicted wound” was altogether avoidable. We will be dealing with the carnage for years.
homebuyerfirst says
I believe that this great. I am glad that some places are trying to help those who “bite off more than they can chew”. Lots of newly married couples take the plung and get trapped. This is great thanks for the post.
hoembuyerfirst
http://first-time-home-buyer-s.com